Buying a car in the US is becoming increasingly expensive by the day. If you want to own a new car, you will have to part with around $37,000, which explains why almost 30% of American residents consider leasing cars.
Leasing a car is a considerably cheaper way to own a car, given that you will only have to make low lease payments each month.
Can I get screwed on a car lease is one of the questions most people thinking about leasing a car ask. Whereas this method sounds very attractive, you should take the time to understand what car leases involve.
What Is a Car Lease?
A car lease is a faster way to get the car of your choice without buying it. A car dealer will lease a car to you based on various terms. Usually, you agree on the amount of lease payment you will be making each month for the entire period of the contract. In most cases, car lease contracts run for 3-4 years, after which you can decide to buy the car or return it.
How to Avoid Getting Screwed Service on a Car Lease
Getting screwed on a lease car is easy, especially if you don't have the slightest idea about what car leases entail. Understanding the financial basics of the car leasing process can save from losing a lot of money.
If you are not sure how to go about a car lease, here are some essential tips to help you get the best deal and avoid getting screwed in the process:
1. Test Drive Your Chosen Car
By now, you probably have in mind the car model and type that you want to lease. Even if you haven't settled on any yet, it is advisable to test drive several models before agreeing on the deal. Focus more on shock-absorption, internal noise, steering, braking, visibility, and comfort. You do not want to get stuck for 3-4 years with an uncomfortable car or one that doesn't meet a particular aspect of your tastes and preferences.
2. Clear All the Doubts About the Car's Safety
Safety is a vital aspect to consider when considering leasing a car. Make sure you ask all the necessary questions around safety. For instance, does the car include head-protection side airbags? What about electronic stability control or anti-lock brake systems? Asking such questions assures you that you are settling for a safer car.
3. Compare Deals
There are so many car dealerships in your local area with outstanding car lease deals. However, the best deal for you is the one that matches your tastes and preferences. Comparing offers from several dealerships will help you decide what deal is best for you.
As you compare the offers, make sure you focus on deals that are within your budget. Besides, it is vital to scrutinize deals that appear significantly attractive to determine whether there is any hidden information that could land you in trouble later.
4. Understand the Terms Used
Most people get screwed on car leases because they don't understand the terms used in the contract and during negotiation. Some commonly used terms include the money factor, residual value, and lease payment. Understanding all these terms will help you know when a dealer is trying to screw you.
Get Customized Fleet Leasing and Management Solutions Today
Hopefully, this simple guide has given you all the answers you needed for the question can I get screwed on a car lease. Focus your effort on understanding the entire car lease process. Get in touch with Wilmar, the Southeast's largest independent fleet leasing and management company, for amazing car lease deals, especially if you are in home services, electrical, or security business.